(Except clauses 1, 5 to 7, 11, 72 to 74 and 112, schedule 1, and certain new clauses and new schedules) - Clause 68 - Partnerships

Finance Bill – in a Public Bill Committee at on 10 June 2014.

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Amendment proposed (13 May): 15, in clause 68, page 58, line 40, at end insert—

‘( ) The Chancellor of the Exchequer shall, within six months of the passing of this Act, publish and lay before the House of Commons a report setting out the impact, over the next three years, of the changes made to the Corporation Tax Act 2009 and the Income Tax (Trading and Other Income) Act 2005 by Schedule 13.

( ) The report must in particular set out—

(a) how much additional tax revenue the measures introduced by this section are expected to generate to the UK Exchequer, for each year in which they are in operation; and

(b) the impact of those measures on revenues lost to the Exchequer as a consequence of tax avoidance schemes for each year in which they are in operation.”—(Shabana Mahmood.)

Question again proposed, That the amendment be made.

Photo of Martin Caton Martin Caton Labour, Gower

I remind the Committee that with this we are discussing the following:

Clause stand part.

That schedule 13 be the Thirteenth schedule to the Bill.

Photo of Shabana Mahmood Shabana Mahmood Shadow Minister (Treasury)

It is a pleasure to welcome you back to the Chair, Mr Caton, as we continue our deliberations. I am sure that all members of the Committee feel like we have never been away, but we are now in the final stretch of our consideration of the Bill and I am sure that we will continue to enjoy ourselves just as much as we have done up to this point.

The Minister has allayed some of the concerns about the clause that had been raised by stakeholders and answered many of my questions. Given his assurances, I beg to ask leave to withdraw the amendment.

Amendment, by leave, withdrawn.

Clause 68 ordered to stand part of the Bill.

Schedule 13 agreed to.